Axxcess Wealth Management LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Axxcess Wealth Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 190,943 shares of the semiconductor manufacturer's stock after purchasing an additional 8,999 shares during the period. Broadcom makes up about 0.8% of Axxcess Wealth Management LLC's investment portfolio, making the stock its 25th biggest position. Axxcess Wealth Management LLC's holdings in Broadcom were worth $31,970,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. SlateStone Wealth LLC lifted its stake in shares of Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after buying an additional 47 shares during the period. True Wealth Design LLC lifted its stake in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares during the period. Cascade Financial Partners LLC lifted its stake in Broadcom by 1.8% during the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after purchasing an additional 50 shares during the period. Samalin Investment Counsel LLC lifted its stake in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after purchasing an additional 50 shares during the period. Finally, Mizuho Bank Ltd. lifted its stake in Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Evercore ISI reissued an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Rosenblatt Securities upped their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $290.21.

Broadcom Stock Performance

Shares of AVGO traded down $3.67 on Thursday, reaching $274.23. The company's stock had a trading volume of 9,036,512 shares, compared to its average volume of 28,294,997. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.29 trillion, a P/E ratio of 102.73, a PEG ratio of 1.93 and a beta of 1.12. The stock's 50 day simple moving average is $243.73 and its two-hundred day simple moving average is $218.33. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.